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Know Your Rights Under The Fair Debt Collection Practices Act

One of the main concerns when dealing with bill collectors is knowing how to safeguard yourself and handle the debt collectors and not let the situation escalate beyond your control. There a few ways to do that.

There is an act that was designed just for individuals that are trying to cope with the overzealous bill collectors. The Fair Debt Collection Practices Act is a guideline that must be followed when a debt collector is attempting to collect payment on a debt. It is illegal for a debt collector to call a residence before 8 a.m. and after 9 p.m.. They are prohibited from disturbing you with calls after you have insisted they do so, neither can they threaten to seize your salary. For more information go to => www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#801.

If you have an answering machine, you can screen your phone calls before you answer them. Adding anonymous call blocking to your phone line can also help from receiving the unwanted collection calls. Well, at least from having to talk with the person on the other end. However, if you decide to answer the phone you can request that the collector no longer call you. Once you have stated to them that you don't want any further phone calls, legally they have to stop the phone calls to you.

Before you take some of the more drastic measures, you should consider making arrangements with the company to pay off the debt. In many cases, the collector is authorized to reduce the amount owed in order to collect the money. The calls from the agency will cease if you can reach an understanding on payment arrangements.

Keep a log of all calls between yourself and the collection agency. If you have agreed to any payments be sure that you write it down as well as the person you made the agreements name with. Do try to keep your word and keep to the arrangements made and if you are facing difficulties, do alert the agency as soon as possible. If you have requested the collector to stop calling you, you can record any phone calls with them. Just make sure you notify them that the phone call is being recorded. It is usually helpful in reducing the number of disturbing calls.

In most cases, you will be able to negotiate the amount of money you will be paying off. The collection agency gets a commission off of the amount of money they successfully collect. So, in many situations they will accept a smaller payment in order to collect any money. In their eyes, any money is more than nothing.

Should there be an agreement to smaller payments, you must ascertain that there are no black marks made against your credit history. Also, be instant that they promptly report the payments made as well as adjusting the amount that is owed on your credit report.

After you make an initial good faith payment, you should receive an agreement. In this agreement it should state the amount that is owed as well as the terms of the agreement. Keep your first payment to a minimum as far as possible. This will insure that they will keep their end of the agreement and hold true to the contract.

Article Source: http://www.newagelivingarticles.com

Moses Wright is the webmaster of a finance topic web site. He provides more easy to use tips and guide on how to consolidate debts, and debt loan facts on his website for free.

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